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June 02, 2006

Tough times for Theresa

It looks like the African-American Ketchup Queen is having to send some of the "little people" to the unemployment line.

Ketchup maker H.J. Heinz Co., under pressure from investor Nelson Peltz to improve its performance, said on Thursday it would cut 8 percent of its work force as part of a move to increase spending on the development of new products and on marketing.

Heinz said it expects to cut 2,700 jobs and exit 15 plants in 2007 to cut costs. Another five plants could be closed in 2008, it said.

I'm not an economist, but I do play one on TV. Heinz's problems are definitely Heinz's problems. You can't pin this on the President or the economy!

WASHINGTON, June 2, U.S. non-farm payroll employment rose 75,000 in May to leave the nation's unemployment rate steady at 4.6 percent, even as wages kept rising.

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posted by Tanker at 11:28 AM

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